Instacart Cuts Valuation By 40%; Squeezed By Tech Selloff, Heated Delivery Wars

-Instacart Inc on late Thursday cut its valuation by nearly 40% to about $24 billion due to recent market turbulence, in an unusual move that shows how public market volatility affects high-flying private companies.The new valuation marks a substantial drop from last March, when the grocery delivery firm was valued at $39 billion in a …

Instacart slashes its valuation to $24 billion after COVID-19 pandemic boon

Instacart’s valuation doubled twice to $39 billion in the first year of the public health crisis, fueled by a pandemic boon to its on-demand grocery delivery business. Now it’s falling back to earth. On Thursday, the decade-old, privately-held startup informed its 3,000 corporate employees that it is revising its valuation down to $24 billion, citing …

Uber, Lyft, Instacart, DoorDash form coalition in Washington state to ‘protect driver independence’

Five evenings a week, sometimes more, Carmen Figueroa gets into her car, signs into her GrubHub account and sets out for a night of deliveries. She averages three-to-four deliveries an hour and five or six hours of work each night. She made about $570 a week in January, which was a jump from the $530-a-week …

Inside Instacart’s frenzied summer of unsuccessful dealmaking with Uber and DoorDash

Mike Kane/Bloomberg via Getty Images Instacart’s former CEO Apoorva Mehta suggested DoorDash acquire Instacart, source tells Insider. Incoming Instacart CEO Fidji Simo also got involved in DoorDash deal talks. DoorDash passed on the deal. Uber also passed on an app integration with Instacart. In early summer, Instacart’s co-founder and then CEO Apoorva Mehta reached out to …

Deal Of The Day: Why DoorDash Buying Instacart Would Create A Powerhouse

The fast-moving grocery delivery business got a new shock on Wednesday when The Information reported that DoorDash has held talks in recent months about exploring a possible acquisition of Instacart in a deal that would be valued between $40 billion and $50 billion. According to one analyst, the move makes sense and would create a powerful combination. …

Instacart is suing Uber’s grocery delivery service Cornershop

(CNN Business)Instacart is now waging a legal battle with Uber’s Cornershop grocery service at a time when both companies are looking to capitalize on growing demand for food deliveries during the pandemic.On Thursday, Instacart filed a lawsuit against Cornershop, a new grocery delivery competitor in the US, over allegedly stealing thousands of its copyrighted and …

Delivery Services See Continued Growth

Since the start of the pandemic, delivery developments have continued to make headlines in foodservice and retail with a renewed interest in investments. Foodservice DoorDash Inc. is close to securing new funding that would value it at more than $15 billion before the infusion, reported The Wall Street Journal (June 11). The company plans to sell hundreds of millions …

Instacart now valued at $13.7 billion

Grocery delivery company Instacart announced Thursday that it raised $225 million in new venture capital funding at a $13.7 billion valuation. Why it matters: Instacart was often an afterthought for those following the gig economy, until the coronavirus pandemic made it a lifeline for many Americans who were unable or unwilling to shop for groceries. It’s …

INSTACART WILL LIKELY HAVE TO RECLASSIFY WORKERS AS EMPLOYEES AMID OTHER AB 5 LAWSUITS

On demand, human cloud platform Instacart will likely have to classify its full-time shoppers in California as employees rather than independent contractors, Bloomberg Law reported. The tentative ruling came Friday in a lawsuit brought against Instacart by the San Diego City Attorney’s Office. The move comes under the more-strict ABC test for independent contractor misclassification that …

N.Y. ride-hailing drivers file suit against Uber, allege they are owed millions in undercut wages

Ride-hailing drivers in New York City have filed a lawsuit against Uber that claims the company wrongfully deducted taxes from their paychecks and did not pay them the full income they earned from rides. The lawsuit was filed in federal court in Manhattan on Wednesday by the New York Taxi Workers Alliance, an organization with about 22,000 …